Orlando Business Journal: Expect New Sport Stadiums - as Long as They Make Money for the State
With the Orlando Citrus Bowl already under renovation, the planned Orlando soccer stadium site selected and a proposed South Florida soccer stadium under discussion, new legislation covers a golden opportunity to seek more state funds for current or potential venues. But the potential reward is not without risk.
Under a recently-enacted sports development program codified in HB 7095, funds from Florida will be made available to fund sports stadiums based on a sliding scale that rewards the project based on the amount of new tax revenue it generates. This means under the new program, applicants must demonstrate plans to generate more new tax dollars than competing stadiums to win priority in the race for state funds.
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